24th Jul 2019 10:58
(Alliance News) - Draper Esprit PLC on Wednesday expressed a confident outlook for the future and said it intends to continue investments in "high-growth" companies.
Ahead of its annual general meeting, the investment company said the year ended March was "transformational", and it continued to build on this positive momentum in the first four months of its new financial year.
Since the beginning of April, the AIM-listed company has invested GBP22.0 million across six portfolio companies and a further GBP6.5 million from its VCT funds.
Draper Esprit said it has generated a total of GBP21.7 million of realisations since the financial year-end, including escrows. The company said it has sufficient investment capacity for the coming year with cash resources of GBP47.9 million and an additional undrawn GBP50.0 million revolving credit facility.
"It remains vital for Europe's economic and social health that the best technology ideas are supported with capital and advice," said Chair Karen Slatford.
"Our disciplined approach to investing, the growth and scale within our portfolio and our business continue enabling us to play a role of continuing significance in the development of the European venture capital market, while delivering long-term, sustainable returns for our shareholders. We therefore look forward to the future with confidence and optimism," added Slatford.
Draper Esprit shares were trading 0.6% lower on Wednesday in London at 540.70 pence each.
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